Bitcoin recently dropped below the critical support level between $67,000 and $68,000, having failed to break above the $70,000 price level successfully. Based on crypto analyst Josh’s analysis, the flagship crypto needs to climb above this critical support level soon enough or risk flipping into a bearish trend.
Bitcoin Needs To Climb Above $68,000
Josh mentioned in a video on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to flip bullish again and possibly experience more upside moves to the resistance levels between $72,000 and $74,000. With Bitcoin currently below $67,000, the crypto analyst noted that the area between $67,000 and $68,000 is now an area of strong resistance and one to watch out for in the short term.
Bitcoin’s failure to climb above $68,000 soon enough could lead to more short-term pullbacks to between $63,000 and $64,000, an area in which Josh claimed there is a decent amount of traded volume. The crypto analyst also suggested that Bitcoin’s drop to $64,000 could happen swiftly, as he highlighted the volume profile indicator, which showed that there is little traded volume between $66,000 and $64,000.
Meanwhile, Josh outlined a scenario in which Bitcoin could rise to around $67,000 to grab a large amount of liquidity and liquidate the short positions around that area. He noted that that area coincides with the resistance level between $67,000 and $68,000.
As such, he warned that Bitcoin may experience a short-term bounce and then be rejected at the resistance level. He again claimed that Bitcoin would need to break above $68,000 to confirm that the pullback is over.
A Massive Move On The Horizon For BTC
Analyzing Bitcoin’s four-day chart, Josh stated that the Bollinger Bands are still squeezing together, which points to a “major move” coming at some point within the next few weeks. He added that the move would be volatile and that Bitcoin could potentially record a 20% to 30% price movement.
On the larger time frame, Josh remarked that Bitcoin is still trading sideways and within a massive consolidation that usually occurs during a “much larger bullish trend.” As such, the analyst suggested that Bitcoin is still far from its market top despite its recent price decline. Based on predictions made by other crypto analysts, like CrediBULL Crypto, Bitcoin is still expected to rise to $100,000 in this market cycle.
Crypto analyst Rekt Capital had also warned about these price declines amid this bull run. He stated that Bitcoin would retrace deep enough to convince anyone that the bull run is over before it resumes its uptrend.
At the time of writing, Bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Scott Matherson
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